With a launch pipeline of ~6.4mn sqft in residential segment and ~2.5mn sqft in commercial segment, the company remains well on track to achieve the pre-sales guidance of ~4mn sqft for FY20E. However, the quarter witnessed less than enthusiastic collections (-18% QoQ). Mid-income and affordable segments are expected to drive residential sales with ~80% of BEL's inventory below Rs 10mn ticket size. Despite capex commitment of Rs 13.7bn, pending Rs 24.8bn pre-tax cash flows from real estate projects should suffice. However, timing mismatch could result in further debt drawdown. We maintain NEUTRAL. Key monitorable: Leasing velocity in SEZ projects. We maintain NEU on BEL with SOTP-based TP of Rs 289/sh. 1QFY20 financial performance was below estimate. Strong residential pre-sales momentum and uptick in leasing in two SEZs were key positive.